Shun Tak Holdings, the Hong Kong-based conglomerate with interests in Macao’s various industries, reported a consolidated loss attributable to owners of the company of HK$824 million (US$105 million) in 2024, up from the HK$677 million (US$87 million) in losses recorded the year before.
According to the company’s 2024 financial report, the underlying loss attributable to the owners, which was adjusted for attributable unrealised fair value changes on investment properties of the group and its joint ventures and associates, net of tax, was HK$244 million (US$31.3 million) compared to HK$209 million (US$26.8 million) in 2023.
Revenue last year totalled HK$4.5 billion (US$579 million), a significant jump against the HK$4 billion (US$514 million) that was registered in 2023.
By division, the conglomerate’s hospitality and leisure arm saw its losses grow from HK$74 million (US$9.5 million) in 2023 to HK$180 million (US$23 million) last year.
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Shun Tak noted that even though the occupancy rate of its various Hong Kong, Singapore, mainland China and Macao hotels witnessed “an improvement in occupancy rate,” the properties were still “under pressure” in terms of room rates, in spite of higher occupancy rates, “due to higher competition and an increase in room supply.” Rates at the Mandarin Oriental in Macao were the sole exception.
In terms of its transport division, Shun Tak, which operates the TurboJET ferries and the Golden Buses on the Hong Kong-Zhuhai-Macao Bridge, noted that it incurred a loss of HK$8 million (US$1 million) in 2024, a far cry from last year, when it reported a profit of HK$10 million (US$1.3 million). It explained that this reduction was “due to derecognition of deferred tax assets.”
Meanwhile, the group’s property division reported a profit of HK$918 million (US$118 million), a jump of 4 percent year-on-year. Similarly, its investment sector earned HK$72 million (US$9.3 million), reversing the loss of HK$231 million (US$29.7 million) that was registered in 2023.
There are no plans to pay out dividends to shareholders, with Shun Tak noting that its basic loss per share had grown from HK22.4 cents in 2023 to HK27.3 cents in 2024.
Looking ahead, the firm said it was “optimistic” for the travel and tourism industries, noting that it expected domestic and overseas visitors to increase this year due to the mainland government’s “favourable tourism policies,” which include “relaxed visa policies.”
